Although the bankrupt company sold all its operating assets to MTI Corp in December, former storage subsystems integrator System Industries Inc still exists as a legal entity in Milpitas, California and as such is available as a shell with a the status of a public company for any firm wanting to reverse into it: if all goes well, System Industries will soon become an insurance broker under the new name Anchor Pacific Underwriters Inc; under the pact, 90% of the enlarged equity will be held by current Anchor Pacific shareholders, 5% by System Industries’ pre-bankruptcy creditors and 5% stays with the System Industries holders.
